Waldorf Co. had the following transactions during the month of October 2014
Cash received from bank loans was $60,000.
Dividends of $18,500 were paid to stockholders in cash.
*Revenues earned and received in cash amounted to $100,500.
Expenses incurred and paid were $78,000.
Refer to the information above. For the month of October, net cash flows from operating activities for Waldorf were: